Understanding Budget 2024- A Journey Towards Atmanirbhar Bharat
- Ananya Sharma
- Jul 24, 2024
- 3 min read
Updated: Jul 25, 2024
Hello, Everyone!
On 23rd of July 2024 Finance Minister Nirmala Sitaraman presented the recent union budget 2024 which underscored inclusive growth, prioritizing the well-being of underprivileged, women, youth, and the crucial agriculture sector. The Budget 2024 presents a roadmap for a more inclusive and prosperous Bharat-A Journey Towards Atmanirbhar Bharat. By emphasizing on important aspects such as social welfare, job creation as well as strategic investments, the budget aims to empower various sections of our society and surge our country's growth trajectory.
Pic Source: Business Today
In this blog post, we will delve deeper into the salient features of Budget 2024. So, let us get started.
Let us focus on navigating through the pivotal features of Budget 2024 one by one.
-> 1. Empowering The Underprivileged: Empowering the underprivileged was among the key features of the budget this year. It focused on spending on social welfare programs with a vision to consolidate the people in dire need of it. It is expected to witness more funds for boosting the pivotal sectors such as education, health care, and rural development.
->2. Recognition Of Women's Potential: The budget also marked the immense potential of women and it entailed unique initiatives directed towards the economic empowerment of women. Incorporating measures such as encouraging states to lower property stamp duties, especially for women, and giving them financial support in loans will transcend the financial status of women.
->3. Nurturing Future Workforce With Key Skillset: Empowered youth is an empowered nation, I believe. This year's budget marvelously centered on job creation by proposing skilling programs as well as incentives to equip young people with the key skills to sustain and survive in the skill market. If we invest today in the future workforce, then definitely Bharat's economic growth will be propelled. Nurturing the key skills in today's youth will be a game changer for our country.
-> 4. Boosting Agricultural Backbone: Bharat's farmers who are the agricultural backbone of our country received the much -needed support. The plans to uplift agricultural productivity and resilience were outlined in the budget for a better future for the farmers of our country.
->5. Increase In Govt's Spending On Key Initiatives -Higher Fiscal Deficit: Budget 2024 proposes the government's spending on key initiatives such as social welfare programs, infrastructure development, and job creation. This might lead to a rise in fiscal deficit in the short term.
The government expects the long-term benefits to outweigh the negative effects of borrowing money. Fiscal deficit refers to a situation where the government spends more money than it collects in taxes,and other sources.This financial gap is addressed by borrowing money internally as well as externally.Let us understand them.
Internal Sources Of Money Borrowing :
1.Market Borrowings
2. Small Saving Schemes
3.Deposits From Public Sector Undertakings
External Sources Of Money Borrowing :
1.Loans From Foreign Govdrnments & Institutions
2.Issuing Sovereign Bonds
->6. Tax Tweaks & Reforms : The proposed budget 2024 has some modifications in the tax measures.Such as , there is a rise in Securities Transaction Tax(STT) and it ois estimated to impact some investors.However, the reduction in both short-term and, long term investment gains could incentivize investment.Also , there could be a sigh of relief for the middle class section in terms of tax as they might be given tax relief, making it easier for making their ends meet.
Conclusively, we can say that Budget 2024 presents a roadmap for a more inclusive and prosperous Bharat-A Journey Towards Atmanirbhar Bharat.
Thank You.
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